What is up, Guyana? I am Fenrir! I am all about maximizing every dollar we earn in this beautiful country!Hi everyone! I am Aoede. I love finding smart ways to spend, save, and budget, so we can enjoy life now and later!Hello! I am Leda. My focus is on safety, health, and making sure we are protected for the long run!And I am Charon! I have got my eyes on building businesses and creating wealth. Welcome to our deep dive into personal finance, specifically tailored for all of us here in Guyana!Let us get straight into it. Guyana is changing fast. We see new roads, new hotels, and new opportunities every day. But personal finance starts with the basics. If you are a learner looking to get your first job, or maybe you are already working, the very first step is your TIN. That stands for Taxpayer Identification Number. You need this to open a bank account, get a driver’s license, and legally work. It is your financial fingerprint with the Guyana Revenue Authority, or GRA. Now, let us talk about your paycheck. When you get a job, you might be promised a salary of one hundred thousand dollars a month. But when you get your check, it is less. Why? It is not a mistake! It is deductions. The big one is PAYE, or Pay As You Earn. This is income tax. It is calculated based on how much you earn. If you earn under a certain amount, you do not pay any tax at all! That is called the income tax threshold. But if you earn more, a percentage goes to the government to fund public services like schools and hospitals. Understanding the difference between Gross Income, which is your total salary, and Net Income, which is what lands in your pocket, is crucial for planning your life.That is such a good point, Fenrir. Never budget based on your Gross Income, always use your Net Income! Now, let us talk about how we handle that money. In Guyana, cash used to be king, but things are shifting. We have amazing tools like MMG, Mobile Money Guyana. If you are not using it, you are missing out. You can pay your GTT and GPL bills, buy credit, and even send money to family in Berbice or Essequibo instantly from your phone. It saves you time standing in long lines. But convenience can be dangerous! When it is easy to spend, it is easy to overspend. That is why I swear by the fifty thirty twenty rule. It is simple. Take your Net Income. Fifty percent goes to Needs. These are non negotiables. In Guyana, that means rent, your minibus fare or taxi, your market run for vegetables and meat, and your utilities. Thirty percent goes to Wants. This is the fun stuff! A trip to the cinema, a new outfit for a wedding, or that delicious curry from your favorite spot. The last twenty percent is for Savings. This is non negotiable too! You have to pay yourself for your future.I love the fifty thirty twenty rule, Aoede! But I want to zoom in on a specific deduction Fenrir mentioned earlier: NIS. The National Insurance Scheme. A lot of young people see that money leaving their paycheck and get annoyed. They think, I am young and healthy, why do I need this? But listen closely: NIS is your safety net. It is mandatory for a reason. You contribute five point six percent of your salary, and your employer adds another eight point four percent. That money goes into a fund that protects you. For example, if you get sick and the doctor says you cannot work for two weeks, NIS provides a Sickness Benefit so you do not lose all your income. If you need glasses, they have a Spectacles Benefit. For the ladies, there is the Maternity Benefit when you have a baby. And most importantly, it builds up your Old Age Pension. When you turn sixty, that monthly check from NIS can be a lifesaver. But here is a pro tip: Keep your pay slips! Sometimes records get lost. You need to check with the local NIS office once a year to make sure your contributions are actually being recorded. It is your money, so you must protect it!Protection is key, Leda, but growth is where the excitement is! Guyana is buzzing with entrepreneurship. We are a nation of hustlers and innovators. Relying on just one salary is risky. We should all think about having a side hustle. This could be anything. Are you good at baking? Sell pastries. Are you good at math? Offer tutoring lessons. Do you have a car? Maybe do some taxi work on weekends. But here is where people get customized. They confuse Revenue with Profit. Let us say you sell pine tarts. You sell one hundred dollars worth of pine tarts. That is your Revenue. But you spent forty dollars on flour and jam, and ten dollars on transport. That is fifty dollars in expenses. Your Profit is only fifty dollars. You must know your numbers! Also, if you are serious about your side hustle, register your business name! It makes you look professional. Go to the Deeds Registry, get your business name registered, and then open a business bank account. Do not mix your personal money with your business money. That is the number one mistake small business owners make. Treat your business like a separate entity, and watch it grow!This is all such gold. It is about taking control. We are not just drifting; we are steering the ship. Whether you are in Linden, Lethem, or Georgetown, the principles are the same. Earn legally, spend wisely, protect yourself, and grow your wealth.Let us break down some specific Pros and Cons of managing your finances actively in Guyana.
Pros:
One. You gain financial freedom and do not have to rely on anyone else.
Two. You can handle emergencies, like a sudden medical bill or house repair, without panic.
Three. You can take advantage of investment opportunities in our growing economy.
Cons:
One. It requires sacrifice. You might have to skip a few fetes or parties to save money.
Two. It takes time to learn the systems, like how to file your tax returns.
Three. Inflation can be tricky, so you have to keep learning how to make your money grow faster than prices rise.Here are three actionable tips you can start today.
Tip Number One: Go to the bank and open a savings account. Look for one with a decent interest rate and low fees.
Tip Number Two: Download a budgeting app or just use a simple notebook. Write down every single dollar you spend for one month. You will be shocked where your money goes!
Tip Number Three: diverse your skills. The job market is changing. Learn computer skills, learn about customer service. The more skills you have, the more valuable you are.We believe in you, learners. This is your time. The economy is moving, and you should be moving with it. Do not be afraid to ask questions at the bank or at the GRA office. It is their job to help you. Take charge of your future today!Get your TIN and understand your taxes!Check your NIS contributions regularly!Separate your business money from your personal cash!And always pay yourself first! Thanks for watching!
